Market Analysis
Detailed market analysis for the global markets provided by various regulated forex brokers technical analysis teams
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TitleUSDCAD Day | Potential bearish reversal? TypeBearish Reversal Preference:Price is currently at our pivot point 1.33807 which is an overlap resistance that aligns with 50% Fibo retracement. if it reverses from here, price could fall to 1st support at 1.32837 which is a pullback support level Alternative scenario:However, if price breaks above the pivot, it […]
EUR Lower Following ECB EURUSD is starting the week on a softer footing as the pair continues to hold near the foot of the recent correction lower. The latest ECB meeting saw the bank hiking rates by a further .25% while leaving the door open to further action if needed. However, the tone of the […]
TitleGBPUSD H4 | Falling to 61.8% Fibo support TypeBullish Bounce Preference: Price is falling towards the pivot point of 1.26708 which is an overlap support that aligns with the 61.80% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 1.27815 which is an […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a correction at the 1.1040 level and started to develop another wave of decline. Today an impulse of decline to 1.1007 has been completed. A consolidation range has formed around this level. Breaking it down, the price continues to decline to the 1.0970 level. This is the […]
NFP Undershoots Forecasts The US Dollar came under heavy selling pressure on Friday as the latest round of US employment indicators gave a mixed view of the US jobs market. The headline NFP figure was seen undershooting forecasts at 187k vs 205k expected, the prior figure was also revised lower to 187k from above […]
GBPJPY Sitting on Key Support GBPJPY price action is looking interesting here. The pair is essentially trading in range between 179.95 and 184.33, reflecting a pause in upside momentum on the back of the bull move off the YTD lows. We recently saw a failed downside break of the range, with the market quickly reversing […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Shooting Star reversal pattern on H4. Currently, the instrument could go by the reversal signal in a descending wave. The decline target might be 1.3340. Next, the price might rebound from the support and continue the uptrend. However, the quotes could rise to 1.3420 without […]
EURUSD, “Euro vs US Dollar” EURUSD quotes have broken the 200-day Moving Average on H4 and are now below it, which indicates a potential downtrend. The RSI has rebounded from the resistance line. In this situation, a downward breakout of the support at 4/8 (1.0986) is expected, followed by a decline to the level of […]
TitleGBPUSD H4 | Potential bearish reversal? TypeBearish Reversal Preference: Price has just reacted off our pivot point of 1.27397 which is an overlap resistance level that aligns with 50% Fibo retracement. A reverse from here, price could fall to 1st resistance at 1.26532 which is an overlap support level. Alternative scenario: However, if price breaks […]
US Labour Data Due The latest round of US jobs data is due later today and traders will be closely watching the release on the back of the Fed recently hiking rates. Ahead of the release, the US Dollar has paused, reflecting some uncertainty among traders. While the Fed is no longer expected to hike […]
Daily Market Outlook, August 4, 2023 Munnelly’s Market Commentary… Asian equity markets experienced a mixed trading session as most bourses in the region lacked a clear direction. This uncertainty followed a subdued performance in Wall Street, where investor sentiment was affected by concerns about a higher yield environment and mixed economic data. Market participants also […]
On Friday, major currency pairs experienced limited price movements, with slight gains observed in commodity dollars such as the Australian Dollar (AUD) and Canadian Dollar (CAD), owing to moderate positive developments in the commodity market. US equities showed signs of weakness yesterday, as the S&P 500 index drifted towards 4500 points. However, today, index futures […]